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Statements

Subject Item
dbr:Walton_v._Commissioner
rdfs:label
Walton v. Commissioner
rdfs:comment
Walton v. Commissioner, 115 T.C. 589 (2000), a decision of the United States Tax Court in favor of taxpayer Audrey J. Walton, "ruled that a grantor's right to receive a fixed amount for a term of years, if that right is a qualified interest within the meaning of Section 2702(b), is valued for gift tax purposes under Section 7520, without regard to the life expectancy of the transferor." More simply, a grantor's estate's contingent interest in a grantor-created annuity upon the grantor's death does not constitute a gift to anyone; but rather, is a retained interest of the grantor.
dbp:name
Walton v. Commissioner
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dbp:joinmajority
a unanimous court
dbp:lawsapplied
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dbp:case
Walton v. Commissioner, 115 T.C. 589
dbp:citations
115
dbp:court
dbr:United_States_Tax_Court
dbp:fullName
Audrey J. Walton v. Commissioner of Internal Revenue
dbp:italicTitle
yes
dbp:judges
dbr:Laurence_Whalen dbr:John_O._Colvin dbr:David_Laro dbr:James_Halpern dbr:Joseph_H._Gale dbr:L._Paige_Marvel dbr:Herbert_Chabot dbr:Thomas_B._Wells dbr:Stephen_Swift dbr:Robert_Ruwe dbr:Carolyn_Chiechi dbr:Arthur_L._Nims,_III dbr:Juan_F._Vasquez
dbp:keywords
dbr:Gift_tax dbr:Grantor_retained_annuity_trust
dbp:majority
Nims
dbp:otherSource
United States Tax Court
dbp:otherUrl
n7:walton.TC.WPD.pdf
dbo:abstract
Walton v. Commissioner, 115 T.C. 589 (2000), a decision of the United States Tax Court in favor of taxpayer Audrey J. Walton, "ruled that a grantor's right to receive a fixed amount for a term of years, if that right is a qualified interest within the meaning of Section 2702(b), is valued for gift tax purposes under Section 7520, without regard to the life expectancy of the transferor." More simply, a grantor's estate's contingent interest in a grantor-created annuity upon the grantor's death does not constitute a gift to anyone; but rather, is a retained interest of the grantor.
dbp:dateDecided
2000-12-22
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n14:2000704115aotc5891664
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dbr:Walton_v._Commissioner
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wikipedia-en:Walton_v._Commissioner
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dbr:Walton_v._Commissioner